Man City and Atletico Madrid have agreed a deal for Julian Alvarez worth up to £81m (€95m).
Talks have been progressing well between the clubs over the last 24 hours. Atletico will pay £64m up front (€75m) with a further £17m of potential add-ons (€20m), which will be a record sale for City.
It represents a huge profit on the £14m the Premier League champions paid River Plate for the Argentina forward in January 2022.
Personal terms still have to be agreed, although this is not expected to be a problem.
Alvarez has made 103 appearances for City since arriving at the Etihad Stadium two and a half years ago, scoring 36 goals.
The Argentine international won two Premier League titles, as well as the FA Cup, Champions League, Super Cup and Club World Cup titles all in 2023.
During his time at City, he also won the 2022 World Cup with Argentina, as well as the Copa America earlier this year.
Alvarez’s imminent sale to Atletico could also impact Chelsea’s transfer business, both in and out.
Chelsea’s deal to sign Samu Omorodion deal hinges on Atletico getting a striker replacement, which looks likely to be Alvarez.
Conor Gallagher is also still on standby to fly to Madrid as Atletico and Chelsea continue negotiations over Omorodion.
The fee being discussed for Omorodion – a top striker target of Chelsea’s – is similar to Gallagher (£34m), in the region of £35m.
